Terms of Use

Victoria Mutual (Property Services) Ltd.

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Terms of Use

The Terms and conditions here under govern your use of The Victoria Mutual Building Society Website (www.vmbs.com) hereafter referred to as the Website. Victoria Mutual maintains this Website to provide you with information about Victoria Mutual's products and services and to allow its customers to view transactions to facilitate communication with Victoria Mutual. It is intended to promote the products and a service offered by Victoria Mutual and is not intended to provide legal, accounting, or tax advice, and should not be viewed upon for those purposes. The use of the Website is subject to the terms and conditions herein and to all applicable laws and negotiations. By accessing the Website you accept without limitation or qualification the terms and conditions of the site which is owned by Victoria Mutual.

If you do not agree to be bound by these terms or conditions you should not access this site or any of the pages herein.

Access

All information submitted to Victoria Mutual using this Website shall become and remain the property of Victoria Mutual which shall be entitled to use for any legal purpose any ideas, concepts, and techniques contained in the information, provided by the users of the Website. Victoria Mutual makes no representations nor gives any warranty as to the accuracy of the information on the Website, but at all times Victoria Mutual will exercise its best effort to ensure accuracy and currentness of information of the Website. Victoria Mutual will seek to ensure the highest level of security and privacy regarding the collection and use of customers' personal information as well as that of visitors to its Website. Victoria Mutual uses a standard web tracking software to collect non-identifying information about our visitors including:

Date and time site was accessed
City and country from which site was accessed
Web browser used
IP Address

The collection of this non-identifying information assists Victoria Mutual in compiling statistics and determining the level of interest in the Website. Some areas of the Website may use a "cookie", temporarily stored in the visitor's computer memory (RAM) to allow the web server to log the pages used within the site and to know if a visitor has previously visited the site.

Use of Contents of Website

All information, documents, and materials, posted on this Website are only for the internal use of Website users and may not be resold, republished, or copied, without the prior written consent of Victoria Mutual. In addition, all information, documents, and materials posted to this Website are subject to change without prior notification. All products and services described in this Website are subject to the terms of the applicable account agreement. Not all of the products and services described in this Website are available in all geographic areas. You may not be eligible for all the products and services offered through this Website. A Website user's eligibility for particular service and products are subject to final VMBS approval.

Proprietary Rights / Intellectual Property

All rights in the images of people, places, text, and web pages, appearing on this Website are owned by Victoria Mutual and used with the permission obtained by Victoria Mutual. Users of the Website have a non-exclusive, non-assignable license to view the Website and download information and may copy information from the Website for personal, or educational use only, provided that, any copy includes any copyright trademark or service mark notice that may appear on any pages that are copied. The information and material may not otherwise be copied, used, displayed, distributed, published, reproduced, reused, sold or transmitted or used in any way for public or commercial use without the written consent of Victoria Mutual.

Links to other Sites

Victoria Mutual may from time to time establish links between this site and other sites operated by non affiliated third parties. Victoria Mutual is not obliged to review the linked sites, and has no control over any such sites or the controls thereof and will bear no responsibility for the contents of such sites. The existence of any such link shall not constitute an endorsement by Victoria Mutual of the contents.

Severability

If any part of these terms of use is unlawful or shall be void or unenforceable, that part shall be deemed severable and will not affect the validity or enforceability of any remaining provisions.

Governing Law and Jurisdiction

Materials in this Website are governed by, and shall be construed in accordance with the laws of Jamaica and subject to the rights to arbitration accorded to members of Victoria Mutual under and in accordance with rule 108 of the Victoria Mutual's rules. Disputes shall be subject to the exclusive, jurisdiction of Jamaican courts.

Revision Amendment

Victoria Mutual may at any time alter revise or amend the terms and conditions by updating this posting. Users shall be bound by any such alteration, revision or amendment. Website users are therefore encouraged to periodically visit and review this page for the current terms of use by which users are bound.

Exclusion of Liabilities

The use and browsing of this Website is at the users risk and neither Victoria Mutual nor any party involved in creating, producing, or delivering this Website is liable for any direct, indirect, special incidental, consequential or punitive damages, whether of tort, contract, or any other type of liability arising out of a users access to or use of the Website or in connection with any failure of performance error, omission, interruption, defect, delay or operation, or transmission, computer viruses, line system failure, loss of data or loss of use related to this Website, or any controls of this site.

Anti-Money Laundering & Counter Financing of Terrorism

The Victoria Mutual Building Society (VMBS) is an authorized financial institution approved by the Bank of Jamaica (BOJ). The organization is required to comply with the Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) Legislations. In this regard, VMBS has established policies and procedures consistent with these legislations and the BOJs Guidance Notes.

Money Laundering is defined as engaging in acts designed to conceal or disguise the true origin of criminally-derived proceeds so that it appears to have been originated from a legitimate source. In fulfilling the requirements of the AML/CFT and BOJ Guidance Notes, greater emphasis is placed on "Know Your Customer" (KYC) by VMBS and its Strategic Business Units (SBUs). The organization is required to accurately maintain records of customer identification and verification, transaction and source of funds, as well as an expected transaction profile of the customers.

VMBS and its SBUs are required to obtain client verification and certification of residency. This may include, but is not limited to, obtaining proof of Tax Identification (Tax Registration Number); country of residency and birth; passport identification; bank account verifications; and other documentation as required by the regulatory agencies. VM is restricted from opening and/or maintaining accounts with/through/for shell banks and other persons institutions that have not provided proper and complete documentation. The law also requires that all cash transaction US$15,000.00 and above or its equivalent in any currency must be reported to the designated authority.

Please contact Victoria Mutual at 73-75 Half Way Tree Road, Kingston 10, Jamaica or via telephone at (876) 754-8627 for further information, questions and/or concerns regarding our AML/CFT Programme.

The Deposit Insurance Scheme

Most of the instruments offered at The Victoria Mutual Building Society are covered under The Deposit Insurance Scheme. Membership to this Scheme is compulsory to those institutions that are regulated and supervised by the Bank of Jamaica. However, not all instruments offered by these organisations are covered. Major categories of uninsured funds are commercial paper and brokered or managed funds. The Scheme’s main features are:

Basic coverage is J$600,000 per depositor, per ownership category in each institution, a limit that covers over 90% of depositors in insured institutions. The most common categories of ownership are Individual, Joint, Business and Trust Accounts. Deposits maintained in different categories of legal ownership are separately insured.
Policies of Deposit Insurance may be cancelled if JDIC and BOJ determine that a policyholder is, or is about to become insolvent; its license has been revoked or it has ceased to accept deposits.
The Corporation is committed to making payments as soon as possible after the failure of a policyholder, but is expected to commence payout within three months. If payments are not commenced by that date, the Corporation shall be liable to pay interest on the insured sum.

For more information, please visit www.jdic.org